The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-25
REVIEW OF THE WEEK.
Effect of the Fideliry's Coliapse-The General
Ontlook Quite Enconraging.

Effect of the Fidelity's Coliapse-The General
Outlook Quite Encouraging.
NEW YORK. Ju1e 24.-R. G. Dun g Co., in
their weekly review of trade, say: 1.-THE failure
of the Fidelity Bank of Cincinnati, with such
evidences of rottenness and fraud that three
officials have been locked up on criminal charges,
is the natural fruit of the wheat corner, but has
disturbed business during the past week quite
extensively. The prospect that depositors may
recover nothing that more than eighty other
banks which deposited there have losses to bear
and that the fraudulent rehypothecation of col
laterals for loans will entanfle the resources of
many who had nothing to 90 with the wheat OBJ
GRAFTON. makes the disturbance felt in many
quarters. These events justify the precau-
tons advised for weeks, past in this
review. with respect to the probable failure of
the wheat corner and its consequences. With
date needs at the West has caused temporary
stringency here. which spectators have maeni-
fed. But foreign exchange is near the ship
ping point and the supply Of unusual funds
abroad is so large, that relief would
quickly If needs here should become serious.
Moreover, large disbursements by the Treasury
in July now close at hand, in half yearly
settlements. In the struggle to hquidate enor-
nous specularions, and in preparation for sum-
mer duness, however. there may be
pressure for money during the remaining days
of June. At nearly all other points money is
reported in good supply.
General reports of business at nearly all points
are highly encouraging, and the increasing pros
pect of good crops adds to the previous prevail
ing confidence. Collections are generally fair
or good, and the volume of business is large for
the season. The dry goods trade is compare
lively inactive. usual at this period, but con-
siderable movement after July is anticipated.
Mems wooden goods decidedly dull, but in
dress goods and iannels the trade is fair Cot
tons are unchanged in the main. but print
cloths quoted at 25c, with large sales.
The liquidation in cotton proceeds SLOWLY, but
prices have declined &c for the week Wheat
has fallen about sc, though a partial corner IN
June still makes quotations here &c moro
above those for July. Pork products yield
little. though still held at Chicago above the
level elsewhere. In the stock market lquida-
ton has been the feature. Distruss of parties
and securities thought to be remotely con-
nected with the Cincinnati speculation
is obvious. and there is less confidence to the
effects of the interstate act. Heavy increase in
shipments by LAKE and canal is reported. and
enforcement of the law threatens to stop manu-
featuring and mining at numerous points.
Under all the circumstances the strength of the
market IS surprising. especially when it is
membered that new securities for several hun
dred millions have been listed this year.
The iron market waits the outcome of the
labor contests. Railroad building seems to have
been checked little. but the present demand
for most iron and steel products seems bette
Other labor contests disappearing. Real
estate the West is still unusually active. and,
though the bloom is off the boom, TO speak,
present
Tho business failures during the last seven
days number. for the United States, ILL., for
Canada, &c; total 1877. compared with 2l3 last
week. and I62 in the corresponding week of last
year